Roxy-Pac buys $24.5m Wilkie Terrace site

[reporter2]

http://www.businesstimes.com.sg/prem...-site-20130104

Published January 04, 2013

Roxy-Pac buys $24.5m Wilkie Terrace site

By jasmine ng


A UNIT of listed property developer Roxy-Pacific Holdings has purchased a freehold residential site off Dhoby Ghaut/Selegie Road for $24.5 million.

This is Roxy-Pacific's third purchase in the vicinity in six months; the other two are Sophia Mansions at Adis Road and 7/9/11 Wilkie Terrace, which adjoins the newly bought land parcel.

The latest site at 13/15 Wilkie Terrace has an estimated total land area of 9,324 square feet and an existing gross plot ratio of 2.1.

The deal was sealed through RH Rochor, an indirect subsidiary of Roxy-Pacific through Roxy Homes.

Marketing agent Jones Lang LaSalle said the site currently houses a bungalow owned by a family. The sale price of $24.5 million reflects a land rate of $1,259 psf per plot ratio, after factoring in a marginal development charge.

In a statement yesterday, Roxy-Pacific said RH Rochor intended to amalgamate the site with the freehold site at 7/9/11 Wilkie Terrace that it had acquired in November 2012.

RH Rochor had acquired the land parcel at 7-11 Wilkie Terrace for $33 million. The site has an estimated total land area of 13,209 sq ft and an existing gross plot ratio of 2.1.

Karamjit Singh, Jones Lang's head of investments & residential, said the narrowing gap in land prices between the upper and lower ends of the residential market has caused some developers to shift their attention to freehold land in more central locations.

"Some may be building up their land banks in anticipation of an upswing in the higher end of the market," he added.

The cost of the latest acquisition will be financed by internal funds and bank borrowings.

It is not expected to have a material impact on the group's consolidated earnings and net tangible assets per share for the financial year ended Dec 31, 2012.

Shares of Roxy-Pacific closed 1.5 cents higher at 58 cents yesterday.

[reporter2]

http://www.straitstimes.com/premium/...galow-20130104

$24m profit likely from sale of Wilkie bungalow

Published on Jan 04, 2013


A FAMILY who has sold an old bungalow in the Mount Sophia area of Wilkie Terrace could have reaped a profit of as much as $24 million.

The freehold property was snapped up by listed real estate firm Roxy-Pacific, which will include the site as part of a larger development.

The deal almost certainly spells a huge profit for the owners, according to the press release issued yesterday by Jones Lang LaSalle, which brokered the sale, although details are unclear.

The press release refers to the property as 13/15 Wilkie Terrace.

A check of the Urban Redevelopment Authority's caveats database Realis showed that in 2005, 13 Wilkie Terrace with a land size of 866 sq m - about 9,321 sq ft - was sold for only $450,000.

Jones Lang LaSalle added yesterday that the 9,324 sq ft freehold site had been sold to Roxy-Pacific for $24.5 million.

There are no transactions for 15 Wilkie Terrace on Realis from as far back as 1995. This points to $450,000 being the price paid for the entire property that is now being sold, implying the family is sitting on a profit of as much as $24 million.

The 2005 transaction price of $450,000 - or $48 per sq ft (psf) - seems very low given that there were three landed property transactions between 1996 and 2001 that ranged between $561 psf and $779 psf in nearby Wilkie Road.

The sale price of $24.5 million reflects a land rate of $1,259 psf per plot ratio based on the plot ratio after factoring in a marginal development charge.

The site is zoned for residential development with an allowable gross plot ratio of 2.1.

Roxy-Pacific said in its announcement to the Singapore Exchange yesterday it plans to combine the site with a neighbouring freehold site at 7, 9 and 11 Wilkie Terrace.

That earlier site amounting to 13,209 sq ft was purchased in August for $33 million.

The Mount Sophia area is gaining in popularity with its proximity to the School of the Arts, LaSalle College of the Arts, and Nanyang Academy of Fine Arts, said Mr Karamjit Singh, head of investments and residential at Jones Lang LaSalle.

Consultants estimate that the total site could yield about 85 one-bedroom units.

The upscale development 1919 was launched recently in nearby Wilkie Road. It comprises 75 black and white apartments with average prices ranging from $2,000 psf to $2,200 psf.

LEE SU SHYAN

[reporter2]

http://www.channelnewsasia.com/stori...245821/1/.html

Wilkie Terrace land parcel sold for S$24.5m

By Wong Siew Ying | Posted: 03 January 2013 2002 hrs


SINGAPORE: A land parcel at 13/15 Wilkie Terrace has been sold to Roxy-Pacific Holdings for S$24.5 million.

Its marketing agent, Jones Lang LaSalle, said the plot located off Dhoby Ghaut/ Selegie Road has been sold to a subsidiary of Roxy-Pacific Holdings in a private treaty deal.

Jones Lang LaSalle added that the sale price of S$24.5 million reflects a land rate of S$1,259 per square foot per plot ratio based on the gross plot ratio of 2.1, after factoring in a marginal development charge.

Spanning 9,324 square feet, the freehold site currently houses a bungalow owned by a family and it is zoned for residential development.

Including this latest acquisition, Roxy-Pacific has bought three sites in the vicinity in the last six months.

Jones Lang LaSalle said the other two sites are Sophia Mansions at Adis Road and 7/9/11 Wilkie Terrace which adjoins the land parcel that it has just purchased.

The two earlier transactions were handled by property consultant Credo Real Estate before its merger with Jones Lang LaSalle.

Mr Karamjit Singh, Head of Investments and Residential at Jones Lang LaSalle said: "The narrowing gap in land prices between the upper and lower ends of the residential market is causing some developers to shift their attention to freehold land in more central locations. Some may be building up their land banks in anticipation of an upswing in the higher end of the market."

Jones Lang LaSalle added that the site at 13/15 Wilkie Terrace is located near to the upcoming Rochor MRT station, part of the Downtown Line, which is expected to commence operations in two years.

- CNA/xq